FHLBank Atlanta First-time Homebuyer Product (FHP)

FHLBank Atlanta First-time Homebuyer Product (FHP) is a grant for homebuyers in District of Columbia, administered by Federal Home Loan Bank of Atlanta (through participating member financial institutions). The FHLBank Atlanta First-time Homebuyer Product (FHP), funded through FHLBank Atlanta's Affordable Housing Program (AHP) Homeownership Set-aside, provides up to $17,500 in grant funds toward down payment, closing costs, and principal reduction for first-time homebuyers. FHLBank Atlanta's district includes Washington, D.C. Funds are accessed through a participating FHLBank Atlanta member financial institution and are available first-come, first-served. Up to $17,500 in down payment, closing cost, and/or principal reduction assistance for first-time homebuyers. Funding comes from FHLBank Atlanta Affordable Housing Program (AHP) Homeownership Set-aside.

FHLBank Atlanta First-time Homebuyer Product (FHP) offers up to $17,500 in assistance. Amounts are the program's published maximums, not an offer — Federal Home Loan Bank of Atlanta (through participating member financial institutions) determines any individual award.

FHLBank Atlanta First-time Homebuyer Product (FHP) is structured as a grant, so it is not repaid. Repayment is triggered by 5-year retention period secured by note/security instrument; repayment (typically pro-rated) may be triggered by sale, transfer, or refinance during the retention period. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

FHLBank Atlanta First-time Homebuyer Product (FHP) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. A homebuyer education course is required. Borrower must be a first-time homebuyer and contribute at least $1,000 toward the purchase. Income must be at or below the greater of 80% of county AMI or the state median family income (HUD figures, adjusted for family size). Homebuyer counseling from an FHLBank Atlanta-designated counseling provider is required. Funds carry a 5-year retention period secured by a note and security instrument; pro-rated repayment may apply on sale/refinance within the retention period. Must apply through and funds reserved by an FHLBank Atlanta member financial institution; availability is first-come, first-served and subject to annual funding. $17,500 figure per 2025 product cycle.

FHLBank Atlanta First-time Homebuyer Product (FHP) limits household income to 80% of the area median income, which varies by county and household size. Income must be at or below the greater of 80% of the county area median income or the state median family income, as published annually by HUD and adjusted for family size. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

FHLBank Atlanta First-time Homebuyer Product (FHP) serves homebuyers purchasing anywhere in District of Columbia.

Applications for FHLBank Atlanta First-time Homebuyer Product (FHP) go through Federal Home Loan Bank of Atlanta (through participating member financial institutions), which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.